Visa, the world’s leader in digital payments, is partnering with Sacombank in Vietnam for the world’s first launch of Tap To Phone with Rapid Seller Onboarding, which allows businesses to transform smartphones and tablets into contactless point-of-sale terminals using a simple mobile app.
|Tap to Phone enables businesses to accept contactless payments on any NFC-enabled Android device, improving the checkout experience for customers |
Prudential Vietnam, Dai-ichi Life, and Tiki will be the first businesses in Vietnam to roll out Tap to Phone, with the launch of Visa Rapid Seller Onboarding (RSO) making it faster and easier to become Tap to Phone-approved as the sign-up process is managed entirely online.
Dang Tuyet Dung, Visa country manager for Vietnam and Laos said, “As digital payment adoption surges in Vietnam amid the COVID-19 pandemic, we’d like to thank Sacombank for helping us launch Tap to Phone to make digital payments even more accessible for consumers and small and micro businesses across the country. Tap to Phone is an affordable and easy-to-use means of moving into the contactless era. Not only has Tap to Phone been helpful for in-store sales but it also provides a contactless payment-on-delivery option to customers looking to socially distance.”
With Tap to Phone, business owners can quickly turn their Android devices into cost-effective point-of-sale terminals capable of accepting contactless payments. Sales staff will be able to process payments via a simple tap without the need for additional and often costly hardware. As no special knowledge or skills are required, sales staff can quickly and easily process payments using a regular smart device anytime, anywhere.
Nguyen Minh Tam, deputy general manager of Sacombank said: “The partnership between Sacombank and Visa has made Vietnam the first market in the world to offer Tap to Phone together with Visa RSO. Sacombank has integrated Visa’s Tap to Phone solution into its existing mMerchant mobile application which allows it to be quickly deployed to mMerchant customers. For retail businesses with a strong customer base and sales, such as insurance, e-commerce and for small and medium enterprises and business households, these solutions will help increase sales to both existing and potential customers. In addition, it will also save on operating costs and contribute to promoting the process of transitioning to a cashless society, bringing benefits to the economy.”
Visa Rapid Seller Onboarding reduces the time needed for businesses to become Tap to Phone-approved
Smart connectivity is widespread in Vietnam. Over 85 per cent of consumers own at least one mobile wallet or payment app, while over 40 per cent use contactless payments. This, alongside an estimated 129.5 million phone subscriptions – over half of which are 3G or 4G – means there is already a robust demand for digital payments.
The inclusion of Prudential Vietnam, Dai-ichi Life, and Tiki as key launch partners will see customers buying insurance and making online purchases become some of the first to be able to try the benefits of Tap to Phone. By eliminating infrastructure costs, as well as processing transactions on the spot, Tap to Phone can significantly speed up payment and delivery times. The software-enabled EMV acceptance solution can be deployed on existing smart devices, lowering device management costs for merchants and also offering peace of mind to those wary of physical contact amid the COVID-19 pandemic.
Nguyen Thi Giang, chief operation officer of Prudential Vietnam said that, “As a pioneer in digital insurance initiatives, Prudential Vietnam has continuously enhanced its products and services in line with the market’s rapid pace of digitalisation. Tap to Phone offers an exciting opportunity not only to speed up the process of paying for insurance premiums, but also enhance the customer experience over their journey with Prudential. As a key merchant partner for Tap to Phone, we look forward to working with Visa and Sacombank to provide increased choice and convenience to our valued customers.”
Tran Dinh Quan, chairman cum general director of Dai-ichi Life Vietnam, shared that, “Sacombank is the exclusive bancassurance partner of Dai-ichi Life Vietnam. Tap to Phone solution initiated by Sacombank and Visa will enable our customers to pay insurance premium in a convenient and timely manner while significantly simplify the payment process and enhance customer experience.”
Home deliveries are used by 87 per cent of consumers in Vietnam, with 64 per cent saying they paid using cash on delivery. This makes Tap to Phone an ideal solution for Tiki as it looks to turn payments for home deliveries contactless.
Nguyen Thi Anh Van, senior finance director at Tiki Corporation, said: “Non-cash payments currently account for 40 per cent of transactions on Tiki, which is relatively high compared to the e-commerce average. In 2019, Tiki introduced a payment-on-delivery option that uses mobile point-of-sale devices (mPOS). This has helped to promote a move away from cash by offering customers a more convenient alternative. We are very excited to be working on this strategic partnership with Visa and Sacombank to roll out Tap to Phone, which we believe will be a significant driving force in the push toward a cashless society in Vietnam. Tap to Phone also provides convenience and safety to Tiki’s shipping team as they serve customers in major cities across the country.”